BHP, Rio blocked from selling iron ore on spot market

BHP Billiton and Rio Tinto Group have been prevented from selling iron ore on the spot market in China by industry arms of the Chinese government, Bloomberg reported, citing a report from Australian paper The Age. Neither BHP Billiton nor Rio Tinto has been able to send a single spot shipment to China since January 1. Meanwhile, spot sales from other companies have been able to continue. The boycott may have already cost Australia as much as US$276 million in export profits.